TechValidate Research on FINEOS

These pages present data that TechValidate has sourced via direct research with verified customers and users of FINEOS. TechValidate stands behind the authenticity of all published data. Learn more »



35 Published TechFacts

8 Published Charts

1 Published Case Study



Selected Research Highlights


FINEOS Case Study

Global 500 Banking Company Insurance Division

Introduction

This case study of a Global 500 banking insurance division is based on a June 2021 survey of FINEOS customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Enabled work from home for claims team members well prior to pandemic, improved productivity during pandemic, will support our Future of Work strategy. "

Challenges

The business challenges that led the profiled company to evaluate and ultimately select FINEOS:

  • Challenges their organization faced before implementing FINEOS:
    • Multiple systems/IT silos
    • Heavy reliance on IT to make changes
    • Outdated legacy system(s) and processes
    • Inability to meet customer expectations for digital experience
    • Difficulties bringing new products to market
  • The primary reasons organization chose FINEOS:
    • Purpose-built system for Life, Accident & Health insurance
    • Rich product functionality
    • The maturity of their products
    • Market leadership

Use Case

The key features and functionalities of FINEOS that the surveyed company uses:

  • How FINEOS delivers operational efficiencies to their organization:
    • Straight-through processing and automatic resolution of tasks reduce manual processes
    • Skilled staff spend less time on routine tasks, freeing them to concentrate on critical activity
    • Increased process accuracy and reduced process redundancy means faster service
    • Tasks can shift from IT to Business utilizing pre-configured standard forms, workflows, dashboards and reports

Results

The surveyed company achieved the following results with FINEOS:

  • Rates their level of agreement with the following statement:
    • FINEOS supports its digital transformation: strongly agree
    • FINEOS delivers exceptional operational efficiencies: strongly agree
    • FINEOS improves their speed to market: agree
  • How FINEOS is supporting their Digital Transformation:
    • Supports clients, customers, and business partners across multiple channels
    • Delivering real-time business processing
    • Delivering a single source of data for faster and better decision-making
    • Enabling us to use data analytics
  • How FINEOS is improving their organization’s Speed to Market:
    • Offering new business models and processes to increase implementation timeline
    • Providing comprehensive, integrated APIs can be customized to offer new products and services
  • When asked if FINEOS is delivering measurable ROI to their organization, they said Yes.
  • They reported that FINEOS is very critical to their organization.

FINEOS Customer Research

Key Speed to Market Capabilities for the FINEOS Platform

Organizations that chose the FINEOS Platform based on rich product functionality identify the following as key speed to market factors.

New business models and processes can be implemented faster
56%
No code/low code capabilities allow business experts to (re)design new products
44%
Accelerates innovation through faster implementation of new technologies
22%
Comprehensive, integrated APIs can be customized to offer new products and services
22%

FINEOS Customer Statistic

The FINEOS Platform Addresses the Challenges of Legacy Systems

79% of surveyed organizations said that before implementing the FINEOS Platform they faced challenges with outdated legacy system(s) and processes.

79%

FINEOS Customer Research

What challenges was your organization facing before implementing FINEOS?

Multiple systems/IT silos
47%
Heavy reliance on IT to make changes
21%
Outdated legacy system(s) and processes
79%
Inability to meet customer expectations for digital experience
32%
Difficulties bringing new products to market
13%
Other
11%

FINEOS Customer Fact

Global 500 Insurance Company Compliance Manager agrees:

“The FINEOS IDAM solution decreases our organization’s burden of keeping up with the complexities of regulatory compliance.”



More to Explore



About FINEOS

FINEOS is a global software company providing modern customer-centric core software to the Employee Benefits and Life, Accident and Health industry. We help our customers move on from outdated legacy administration systems to our modern purpose-built, customer-centric core product-suite, FINEOS AdminSuite for New Business, Billing, Claims, Absence and Policy Administration, enabling improved operational efficiency, increased effectiveness, and excellent customer care.

FINEOS Website   FINEOS Website